RIV Capital Inc. RIV CNPOF announced that its subsidiary, Etain, LLC, has received regulatory approval from the New York Cannabis Control Board (CCB) to transition to cannabis adult-use operations.
RIV Capital is a focused acquisition and investment firm aiming to build a leading multistate platform with a strong portfolio of cannabis brands in key U.S. markets.
Details Of The Approval
Etain, a well-established medical operator in New York, successfully navigated the regulatory landscape and secured approval from the CCB to expand its operations to the adult-use market.
The approval covers cultivation, processing, distribution, and retail operations, allowing Etain to offer its range of products, including high-quality flowers, pre-rolls, vapes, and edibles, to the adult-use market while continuing its medical operations.
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Operational Plans and Expansion Timeline
In preparation for the adult-use market launch, Etain has proactively engaged with policymakers, community stakeholders and industry members to ensure a seamless transition. The company plans to open its first co-located medical and adult-use retail dispensary in early 2024, followed by two additional co-located adult-use retail dispensaries around July 1, 2024.
Mike Totzke, COO and interim CEO of RIV Capital, expressed enthusiasm about the expansion. “This is a transformational moment not only for RIV and Etain but for the New York market at large. The excitement surrounding this expansion of the New York adult-use cannabis market is palpable. We are ready to begin this new chapter, and it is a true testament to our team's expertise, passion, and hard work."
See Also: NY Paves Way For Easier Cannabis Banking With Newly Signed Bill
Enhancements And Upgrades
Etain is undertaking several upgrades across its New York footprint to support its adult-use operations. These enhancements include expanded capacity at its Chestertown facility to improve output and research and development capabilities. The company aims to diversify its product and brand offerings to meet the evolving demands of both medical patients and adult-use consumers.
Matt Mundy, chief strategy officer and general counsel of RIV Capital thanked the CCB and the NY Office of Cannabis Management (OCM) for their confidence in Etain's application and operations. He reiterated the company's commitment to supporting existing medical patients and adult-use consumers, aligning with the principles and ideals shaping the New York cannabis market.
Price Action
On Friday afternoon, RIV Capital Inc.’s shares were trading at 197.00% higher at $0.2376 per share.
Read Next: RIV Capital Reports Financial Results for the Fiscal Quarter Ended September 30, 2023
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